Miami Sees Incline In High-End Condo Inventory
Luxury condos in Miami are seeing buyers taking advantage of ample negotiation opportunities. The high-end market, defined as dwellings priced over $1 million, has been decimated by the increased inventory.
As of the end of January 2017, there are over 2500 of these properties on the market. This equates to about double the number from the previous record in 2006.
This is spectacular news for buyers. Many of these buyers have been sitting on the sideline as inventory has climbed and sellers have found it necessary to slash prices to close sales.
Miami’s luxury property business has historically been propped up by a steady dose of international clientele. Unfortunately, the strong US Dollar has made these buyers less interested in purchasing here in the United States. Tack on tougher restrictions placed on limited liability companies set by the US government in 2016 and it is easy to understand why international sales are down 10% over the past couple of years.
American buyers, on the other hand, are pouring into South Florida by the droves. Over 1000 people per day are entering the potential buying marketplace.
Those who can afford the lap of luxury have plenty to choose from. Over 130 new units priced over $1 million has hit the market in the last 30 days.
One thing is for sure, buyers are sitting back and waiting to see the price fall even further.